Amities . l have been discreetly buying this stock since it was 39p . And the more i learn the bolder are the positions i take . .....Floated in Dec 2004 it was oversubscribed and before costs the required $15 million was raised. At the helm is ex BP head of Global exploration and Resavoir management . Furthermore a success story at Global Expo . Now Nick Johnstone wants to set up on his own . And after speaking to him l am not at all surprised . He is like a "Who s Who " of the hydrocarbon world ...He has ALL the prerequisites for success so why work for some other lackey ! .. namely connections from his ertwhistle employers . He has assembled a first class management team from ex colleauges at BP ; and is his business model is simple . AFR farms in on "Big Oils " inception upstream ; and with its scale of economy it works closely with "Big oils" fields on the look out for excellent workovers oppertunities .... Already lt has via a complicated j/v a percentage of the Sao Tome and Principe acreage -Located between the oil rich waters of Nigeria and those of Sao Tome and operated by Texaco / Chevron and Esso; and believed by many to be the new North sea . . 3D Seismic testing and magnetic graphic imagery and satellite imaging has located a labyrinth of channels leading to a main resavoir which is believed to14-15 mmbbls of oil and which would leave AFR with its share of 120/140 million barrels for NO cash outlay .To ensure early cash generation Afren has entered into a production sharing agreement in the developed Ogedeh field { adjacent to the BP operated Olowi marin field which is believed to yield 180 mmbbloe. Furthernore AFR has agreed to drill the lbekelia project for Ascent resources which is expected to produce 2,500 b/pdoe to satisfy AFR percentile share ,ln addition it is a believed resouce of several years . .. , .Not a bad start for a company with little more than six months in the making . ....and well worthy of investigation !! .....@+ J

As you say Blanche plenty left in this one imo.---rise very similar to DGO which I sold far too early ditto TLW --I won't make the same mistake again! Oil producer expected any day now, main market before the end of the year and the last fund raising was sold out in under 30 mins at 1.25p!!!

Hello moneyplus this could get to DGO levels in my opinion, even though i brought in early iam in for the long haul hopefully as i said up to DGO levels.

I hope so too--good luck.

Sold a few at 182, which i bought friday at 159.

At long last our first oil

RNS Number : 3302W
Afren PLC
09 June 2008



Afren plc (AIM: AFR)




Afren announces First Oil from the Okoro Setu Project




London, 10 June 2008 - Afren plc ('Afren' or the 'Company') and its partner Amni International Petroleum Development Company ('AMNI') are pleased to announce First Oil from the flagship Okoro Setu Project, located in OML 112, in shallow water offshore Nigeria.




Highlights




In June 2006, Afren announced the agreement signed with AMNI, a well established indigenous oil & gas company, for participation in the development of the Okoro Setu Project.
During 2007 the partners received approval of the Field Development Plan and secured a Floating Production Storage and Offtake Vessel ('FPSO').
In Q1 2008, development drilling commenced from a subsea template using Transocean's Adriatic-6 jack-up rig. The 10-point fixed mooring system for the FPSO vessel was installed in January and the Armada Perkasa arrived in March 2008 and was hooked up to the anchor system.
In May 2008, the wellhead platform was installed and flowline connections are progressing.
Initial production from the first of two wells drilled to date has commenced at a rate in excess of 3,000 barrels of oil per day (bopd) of 27 API gravity oil, which is in line with expectations.
The remaining wells will be batch drilled and the Company is on track to achieve full production of 15,000 bopd in Q3 2008.
Osman Shahenshah, Chief Executive of Afren, commented:

'I am delighted that Afren has achieved its first organic production, a key milestone in the Company's history that underlines its operational strengths and technical capabilities.




'We have worked in close cooperation with our indigenous partner AMNI International Petroleum Development Company and it is testament to our relationship that we have delivered First Oil in just two years since announcing the agreement to develop the Okoro Setu Project. We look forward to accelerating the development of further undeveloped reserves in Nigeria together with our indigenous partners.'




Sani Bello, Chairman of AMNI, commented:

'We are very pleased to have delivered First Oil on the Okoro Setu Project. This is a significant achievement for the AMNI/Afren partnership and represents an important contribution to the rapidly expanding indigenous oil & gas sector. '




10 June 2008

15,000 bopd in Q3 will do for now,great start foir first year of oil productioin,great pootential,hope will rise and rise like DGO,[although dgo sluggish past few months].any views.

looking to buy in around the 90p.-1.10p area.

To late they are going up ...... lol

always another day?

Nice to see us bounce back up, am not sure if it will go lower i suppose anything is possible in these times

WOODIE why not try Banks,, house builders or retailers if your looking to buy something low they all look cheap now

Only kidding -)

why is this one dropping so much ??

Not many stocks have been able to avoid the recent market turmoil, i think the stock maybe being shorted, we will bounce back but only when we have hit the bottom at what price that will be i don't know

The two recent directors buys give us some confidence that this will come good again its a matter of being patient as with other stocks at the moment unless you have to sell

Nothing has changed for afren we are producing oil and more to come on stream in the near future, later in the year we will be drilling for more oil

The day to day risers and falls is all part of the game but look at the bigger picture in say 1 or 2 years from now, its not nice to see the share price falls but if no pain no gain -)

looks like my 90-1.10 price might come good.

70p - 80p on the cards.

my price target come good s/price still looks weak not sure it wont go cheaper.

what is happening with one, where do people think it is going to bottom out ???

now iam sure it will go lower then 90p,the sector/aim market looks weak at the moment.

down 19%

Poor Afren Good cy but hammered in these mkts

How low is this one going?